Call ratio spread (1×2)
Neutral / rangeLimited profitUnlimited loss
Buy 1 call, sell 2 higher: profit peak at the short strike, risk above.
Payoff at expiry — live BTC example
Net debit
$220.57
Max profit
$979.43
Max loss
Unlimited
Breakevens
73,021 / 74,979
Example legs (0.5 DTE front)
- Buy 72,800 call
- Sell 2× 74,000 call
Entry greeks (per 1 BTC notional): Δ 0.145 · Γ -0.0469 per 1% · vega $-3.30/pt · theta $176.62/day
How it works
The extra short call finances the long: often near zero cost, max profit at the short strike, naked exposure beyond it.
When to use it
You expect a drift up to a level but NOT through it — "up, but not that much".
Risks & management
The naked upper call makes a melt-up the worst case. The classic blow-up is being right early and wrong late.
Related structures
Example built from live Delta Exchange BTC marks on the nearest constructible expiry; numbers refresh with the chain. Educational content, not investment advice.